Is Ragnarok Another Pixelmon?

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What's Dropping ⚡️

• Creators of the successful Solana project Degods go on to create Y00ts, an upcoming collection drawing mass attention across web 3 communities. It's looking like Y00ts is changing a lot of minds regarding SOL. (@y00tsNFT)

• Nike's RTFKT announces physical and digital assets for your Avatars. The styles differ depending on the DNA of your NFT, and the designs are looking super sick. (@RTFKT)

• Internet Game Season 2 brings a Break Market Battle to the people with minigames and Blue-Chip NFT prizes, the first being BAYC #4317! (Internet.game)

• Watch Snoop and Eminem's performance at the VMAs over the weekend, featuring Yuga Labs Otherside and some oversized Bored Apes! (Youtube)

• Solana brewery BarrelDAO allows for redeemable commerce in the form of Summer Lemonade Shandy. (barreldao.xyz)

• A new crypto finance protocol called NearPay will soon be releasing a digital debit card to help users shop online with crypto. (Nearpay.co)

• A Primates NFT derivative by Infected Mob broke the Solana record of highest collection floor of ALL TIME. (@Ravers)

• yOOts NFT has reportedly applied for a registered trademark under the same IP attorney that represents OpenSea, Bored Ape yacht club, and Meta. (@Guitar)

Is Ragnarok Another Pixelmon? 🧐

History repeats itself and while the NFT boom hasn’t sustained itself for any sizeable amount of time it has had some historic moments. If Pixelmon taught us anything at all it's that giving somebody who’s never built a video game a lot of money to build a video game isn’t the best idea. After raising $70 million - an amount that is traditionally standard for outstanding console games - the team revealed the game’s artwork and it quickly became clear to the public that the whole thing was a directionless and sinking ship. The people who invested in Pixelmon before the reveal loved the idea and they took for granted that the Pixelmon team would deliver on everything they promised. Fast forward to now and Ragnarok Meta is demonstrating some messy behavior at the level of its financials.

After accumulating $1.75 million in seed funding and another $17.5 million from NFT sales and royalties, Ragnarok has decided to come clean about some of its recent expenses. It lost two million because the CEO made bad trades. Nearly seven million has been spent on paying core member and founding member bonuses and salaries. Half a million has been spent on NFT buybacks and two million has been spent on outsourcing work. In other words, they’ve paid themselves a lot for doing very little and paid some small fraction to other people to do the work that they are supposed to do. The CEO has tried to apologize but his statements fall short of being satisfactory; he makes it sound as though he's sacrificing his salary by allocating a portion of it to make up for the bad trades but his salary was too high to begin with anyways. Despite this bump on the road things could still turn out well for Ragnarok Meta considering Pixelmon managed to somewhat turn things around.

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INCYMI:

Meta's Facebook Integrates NFTs After Instagram 📱

Back in May, Meta (formerly Facebook) introduced their NFT integration with Instagram. On Monday, the social media giant announced that they are now also launching on Facebook, thus giving you compatibility across both platforms.

This cross-compatibility is important for Meta because it allows connectivity of both of their ecosystems, while still maintaining a decentralized configuration. Users will only have to connect to either Facebook or Instagram in order to be able to post their NFTs on both platforms.

Instagram may be more socially relevant, but Facebook is the real GOAT when it comes to market penetration. With this new integration, Meta will be able to expose billions of users to NFTs. This could help the declining market that we’ve been going through for quite some time. WAGMI.

Meme Drop 💧

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Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.

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